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Deposits | 9 Months Ended
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Sep. 30, 2024
Banking and Thrift, Other Disclosure [Abstract] |
Deposits | Deposits The following table summarizes total deposits at September 30, 2024 and December 31, 2023.
|  | September 30, |  | December 31,
(Dollars in thousands) |  | 2024 |  | 2023
Deposits - interest-bearing |  | $ | 21,444,710 |  |  | $ | 21,651,657 |
Deposits - non-interest-bearing |  | 747 |  |  | 1,531 |
Total deposits |  | $ | 21,445,457 |  |  | $ | 21,653,188 |
Our total deposits of $21.4 billion were comprised of $9.8 billion in brokered deposits and $11.6 billion in retail and other deposits at September 30, 2024, compared to total deposits of $21.7 billion, which were comprised of $10.3 billion in brokered deposits and $11.4 billion in retail and other deposits, at December 31, 2023. Interest-bearing deposits as of September 30, 2024 and December 31, 2023 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity money market deposits (“MMDAs”), and retail and brokered certificates of deposit (“CDs”). Interest-bearing deposits also include deposits from Educational 529 and Health Savings plans that diversify our funding sources and that we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $7.0 billion and $7.6 billion of our deposit total as of September 30, 2024 and December 31, 2023, respectively. The omnibus accounts are structured in such a way that entitles the individual depositor pass-through deposit insurance (subject to Federal Deposit Insurance Corporation (“FDIC”) rules and limitations), and the majority of these deposits have contractual minimum balances and maturity terms. Some of our deposit products are serviced by third-party providers. Placement fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. We recognized placement fee expense of $3 million and $3 million in the three months ended September 30, 2024 and 2023, respectively, and placement fee expense of $8 million and $9 million in the nine months ended September 30, 2024 and 2023, respectively. Fees paid to third-party brokers related to brokered CDs were $6 million and $4 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and fees paid to third-party brokers related to brokered CDs were $6 million and $7 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. Interest bearing deposits at September 30, 2024 and December 31, 2023 are summarized as follows:
|  | September 30, 2024 |  | December 31, 2023
(Dollars in thousands) |  | Amount |  | Qtr.-End Weighted Average Stated Rate(1) |  | Amount |  | Year-End Weighted Average Stated Rate(1)
Money market |  | $ | 9,499,233 |  |  | 4.66 | % |  | $ | 10,258,292 |  |  | 4.85 | %
Savings |  | 985,036 |  |  | 4.32 |  |  | 945,000 |  |  | 4.35 |
Certificates of deposit |  | 10,960,441 |  |  | 4.17 |  |  | 10,448,365 |  |  | 3.69 |
Deposits - interest bearing |  | $ | 21,444,710 |  |  |  |  | $ | 21,651,657 |  |  |
(1) Includes the effect of interest rate swaps in effective hedge relationships. Certificates of deposit remaining maturities are summarized as follows:
(Dollars in thousands) |  | September 30, 2024 |  | December 31, 2023
One year or less |  | $ | 6,018,238 |  |  | $ | 3,937,766 |
After one year to two years |  | 3,318,933 |  |  | 4,112,902 |
After two years to three years |  | 712,443 |  |  | 1,881,371 |
After three years to four years |  | 258,183 |  |  | 327,295 |
After four years to five years |  | 652,413 |  |  | 188,802 |
After five years |  | 231 |  |  | 229 |
Total |  | $ | 10,960,441 |  |  | $ | 10,448,365 |
As of September 30, 2024 and December 31, 2023, there were $513 million and $478 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $70 million and $91 million at September 30, 2024 and December 31, 2023, respectively.

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478353/942-405-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(12)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph e -Publisher SEC Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Publisher SEC + Details
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